Excel Maritime Enters into Time Charter Agreement for M/V Renuar and M/V Elinakos at profitable rates
ATHENS, GREECE – November 10, 2009 – Excel Maritime Carriers Ltd (NYSE:
EXM), an owner and operator of dry bulk carriers and a leading international provider
of worldwide seaborne transportation services for dry bulk cargoes, announced today
that it has entered into two new charter agreements for the M/V Renuar and the M/V
Elinakos.
The M/V Renuar, a 1993 built Panamax bulk carrier with a carrying capacity of
70,128 dwt, has entered into a charter agreement for a minimum period of 12 months
to a maximum period of 14 months at the gross daily rate of $22,500.
The M/V Elinakos, a 73,751 dwt, 1997-built Panamax bulk carrier, has entered into a
short term charter agreement for a period of a minimum of 4 months to a maximum of
6 months at a gross rate of $25,000 per day.
Lefteris Papatrifon, Chief Financial Officer of Excel, stated, “We are pleased to
announce the fixtures of the M/V Renuar and the M/V Elinakos at profitable rates with
very reliable counterparties. These charters reaffirm our Company’s commitment to
seek predictable cash flows that enhance our operating and financial stability. With
these fixtures, our time charter coverage for the fourth quarter of 2009 has increased
to approximately 70% of the remaining operating days of 2009 and 56% for 2010.”
Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels and, together with 7 Panamax vessels under bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of approximately 3.9 million DWT. Excel Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about the Company, please go to our corporate website www.excelmaritime.com.
Excel Maritime press release